CXO (ASX) Ann: 2020 Annual General Meeting Presentation

Originally posted by seaemay: ↑

Mate, you can only ever do what seems right at the time. Really, who could have predicted the strength of this current rise a couple of weeks ago? I wonder who the hell is buying, and why now when they could have bought them by the truckload in the 4s for so long. Anyway, whoever it is has bought most of my shares because I've been selling down over the past week. It's cost me a bit not selling them all in the high 7s this morning but that's life. As I said, you can only do what seems right at the time. A few weeks ago I'd been of a mind to hold most for the medium term but several factors came into play in my mind.

1). I'm not by nature a holder, but rather a short term trader. To me the fun is in making frequent small profits (large ones better still of course!) and averaging out a decent week's wage. I only tend to hold stocks when I get stuck underwater in them as I did here. I bought my first 38,000 at 13c in 2016 to make a quick 1c which never happened and since then I've added plenty, been underwater about 98% of the time (in late March by about $90,000), traded parcels a number of times for profits (did very well this year on the gold announcements), and regretted not taking the chance to get out square a few times.

2). I didn't see any chance of lithium assays before late January and little chance of anything more re gold this year either. I also see disappointment from the company in not delivering the updated DFS in Q1. By mid-Q2 perhaps, but frankly their timelines are seldom met, and often missed by a wide margin.

3). I've become convinced that world markets are almost at their peak (perhaps one more week) and from late January a mighty fall is about to commence that'll take 40% off markets by mid year. In my view the markets are currently like a house of cards that has ignored the fact that world economies are in ruins and and will not recover in five minutes due to a vaccine. It'll take many many years, and sooner or later market participants will realise that. Thus, I'd rather have a large part of my assets free of the market now.

Overall I've made about an average 10% PA return through CXO over the past four years so I'm not complaining. I certainly don't discount buying more CXOs in the future as a trading option, and still retain a small holding at present. I hope the rest of you patient guys get the full returns you deserve here. CXO has been a savage beast to it's long term holders and inflicted a heap of pain over the past few years, so no holders deserve the eventual rewards more than most of you. There are plenty of CXO posters that feel like good mates and I've appreciated so much of your great input. I'll still be following of course, but perhaps not contributing too much. Good fortune to all!

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G'day Mate,

Good luck. It is important in investing to know yourself and to understand the kind of investor you are. It definitely takes balls to sell with such rapid movement in the SP, but that demonstrates commitment to knowing the kind of investor you are, so well done. Great idea to leave a bit in as well, as I think those shares will hopefully reward you over the long term. I have enjoyed your posts and you have made a valuable contribution to the forum, so thank you.

Good luck with your other investments - I am hoping your prediction of a crash is wrong regarding the timing although I think the overall thesis is correct, just a little further down the track by my reckoning. In any case, CXO isn't going anywhere so it will still be here as an investment option should you decide to jump back in over the medium term.

No.	Vol.	Price($)
1	10000	8.5¢

No.

Vol.

Price($)

10000

8.5¢

Price($)	Vol.	No.
8.6¢	1102272	8

Price($)

Vol.

No.

8.6¢

1102272

No.	Vol.	Price($)
1	10000	0.085
1	25000	0.084
22	314133	0.083
5	371085	0.082
22	1244827	0.081

No.

Vol.

Price($)

10000

0.085

25000

0.084

314133

0.083

371085

0.082

1244827

0.081

Price($)	Vol.	No.
0.086	1102272	8
0.087	805150	9
0.088	1014387	11
0.089	356300	3
0.090	1433442	24

Price($)

Vol.

No.

0.086

1102272

0.087

805150

0.088

1014387

0.089

356300

0.090

1433442

(20min delay)
Last 8.6¢		Change 0.007(8.86%)		Mkt cap ! $183.7M

Open	High	Low	Value	Volume
8.0¢	8.6¢	7.9¢	$2.766M	33.86M

G'day Mate,Good luck. It is important in investing to know...

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